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Subsequent Events
3 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note (12) – Subsequent Events:

On November 3, 2020, the Company acquired Yankee Equipment Systems, Inc. (“Yankee Equipment Systems”), pursuant to a merger whereby Yankee Equipment Systems merged with and into, and became, a wholly-owned subsidiary of the Company. Yankee Equipment Systems is a New Hampshire-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. The consideration paid by the Company in connection with the merger totaled approximately $13.5 million, consisting of $6.5 million in cash and 278,385 shares of the Company’s common stock. The Company, indirectly through its wholly-owned subsidiary, also assumed Yankee Equipment Systems’ obligations under the approximately $915,000 loan obtained by it under the PPP.